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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added 67 cents to $55.94 on the New York Merc, while Brent for February added 76 cents to $59.68 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.00 to WTI, down from a discount of $11.40. Natural gas for January added 13 cents to $4.02. The TSX energy index added 4.23 points to close at 292.21.

Oil prices rebounded from five-year lows after U.S. President Donald Trump escalated his pressure campaign against Venezuela, saying on social media that he has ordered a "total and complete" blockade of sanctioned oil tankers leaving and entering Venezuelan waters. He also labelled Nicolas Maduro's government a "foreign terrorist organization." In response, Caracas denounced Mr. Trump's "warmongering threats." With Venezuela exporting around 900,000 barrels a day, the standoff is raising concerns about global oil supply disruptions, boosting prices -- although the spike may be short-lived, said analysts at Goldman Sachs. They speculated that in the longer term, a political upheaval triggering a surge of Western oil companies into Venezuela could push production and exports higher.

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